Novagold Resources (NYSEAMERICAN:NG) Trading Up 10.7% Following Insider Buying Activity

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) shot up 10.7% on Monday after an insider bought additional shares in the company. The stock traded as high as $10.16 and last traded at $10.1750. 2,399,720 shares were traded during mid-day trading, a decline of 43% from the average session volume of 4,226,674 shares. The stock had previously closed at $9.19.

Specifically, Director Dawn Patricia Whittaker purchased 4,000 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was acquired at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the acquisition, the director directly owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. National Bank Financial raised Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Citigroup upped their price target on Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research note on Wednesday, October 15th. BMO Capital Markets assumed coverage on Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. Finally, B. Riley Financial boosted their price objective on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources Stock Performance

The company has a fifty day moving average price of $9.86 and a two-hundred day moving average price of $8.51. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. The company has a market capitalization of $4.57 billion, a P/E ratio of -41.76 and a beta of 0.82.

Institutional Investors Weigh In On Novagold Resources

A number of institutional investors have recently modified their holdings of NG. Torren Management LLC bought a new position in Novagold Resources during the fourth quarter worth $27,000. Leonteq Securities AG bought a new stake in Novagold Resources during the fourth quarter valued at $38,000. Hantz Financial Services Inc. acquired a new stake in Novagold Resources during the 3rd quarter worth about $40,000. Shepherd Financial Partners LLC bought a new position in shares of Novagold Resources in the 2nd quarter worth about $41,000. Finally, Quadrature Capital Ltd bought a new position in shares of Novagold Resources in the 2nd quarter worth about $44,000. 57.56% of the stock is owned by institutional investors.

Novagold Resources Company Profile

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.